Total wins stake in Qatar oil field

Total wins stake in Qatar oil field

French oil giant Total (LSE:TTA) has been awarded a 30% stake by Qatar Petroleum to operate in the offshore Al-Shaheen oil field for a period of 25 years starting in July.

Qatar Petroleum will hold 70% in the new joint venture.

The Al-Shaheen oil field produces 300,000 barrels of oil per day and is located 80 in Qatari waters, 80 kilometres North of Ras Laffan.

Patrick Pouyanne, Total’s chairman and CEO said: “Our contribution to the development of the Al-Shaheen field is a significant milestone in the long history of the Group’s partnership with Qatar, where for 80 years we have been active in the entire hydrocarbon value chain including oil and gas production, LNG, refining and petrochemicals.”

The Al-Shaheen began production in 1994 and the existing development consists of 30 platforms and 300 wells.

Production from the field represents around half of Qatar’s oil production.